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“Phoenix Mills: Impressive Growth and Performance in Retail and Office Segments”

The Phoenix Mills, a prominent retail-led mixed-use asset developer and operator, has demonstrated robust performance, recording a remarkable 22% year-on-year growth in total consumption, amounting to Rs 11,327 crore during the financial year 2023-24. This impressive figure underscores the company’s strong position in the market and its ability to drive consumer engagement across its diverse portfolio of properties.

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Phoenix Mills

In particular, the company’s gross retail collections surged by an impressive 27% compared to the previous year, reaching Rs 2,743 crore during the same financial period. This notable increase reflects the resilience and attractiveness of The Phoenix Mills’ retail offerings, which continue to resonate with consumers and drive sustained revenue growth.

Furthermore, on a like-to-like basis, consumption in the financial year 2023-24 experienced a solid 8% growth compared to the previous year. This growth metric excludes consumption from recently launched malls, including Phoenix Citadel Indore, Palladium Ahmedabad, Phoenix Mall of the Millennium, and Phoenix Mall of Asia. Additionally, it is adjusted for the closure of the Lifestyle block at Phoenix Palladium from May 2023, providing a more accurate representation of the underlying consumption trends.

In the fourth quarter ended March, The Phoenix Mills continued its upward trajectory, with total consumption registering a significant 27% year-on-year increase, amounting to Rs 2,818 crore. Moreover, gross retail collections witnessed remarkable growth, surging by 37% compared to the same period last year, reaching Rs 791 crore. These impressive figures underscore the company’s strong performance and sustained momentum, driven by its compelling retail offerings and effective operational strategies.

In addition to its retail portfolio, The Phoenix Mills also experienced positive developments in its office segment during the quarter. The company observed improvement in occupancy levels and leasing traction, with occupancy rising to 70% as of March end, compared to 63% in the previous year. This uptick in occupancy reflects the growing demand for quality office space within The Phoenix Mills’ properties, highlighting its appeal as a preferred destination for businesses and tenants.

Furthermore, gross office space leasing witnessed a notable increase, rising from 4.3 lakh square feet during the financial year 2022-23 to 5.3 lakh square feet in 2023-24. Of this total, 3.6 lakh square feet constituted new leasing agreements, while 1.7 lakh square feet comprised lease renewals. This surge in leasing activity underscores the continued attractiveness of The Phoenix Mills’ office properties and its ability to capitalize on evolving market dynamics to drive growth and value creation.

Overall, The Phoenix Mills’ strong financial performance and operational achievements underscore its position as a leading player in the retail and mixed-use real estate segment. With a proven track record of delivering value to stakeholders and a commitment to innovation and excellence, the company is well-positioned to sustain its growth momentum and capitalize on emerging opportunities in the dynamic real estate landscape.

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